By Paul A. Harris
Portland, Ore., May 19 – Edgewell Personal Care Co. priced an upsized $750 million issue of eight-year senior notes (Ba3/BB) at par to yield 5½% in a Tuesday drive-by, according to a syndicate source.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Barclays, MUFG and TD Securities (USA) LLC.
The issue size increased from $600 million.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
The Shelton, Conn.-based consumer products company plans to use the proceeds, together with cash on hand, to redeem all of its 2021 senior notes.
| Issuer: | Edgewell Personal Care Co.
|
| Amount: | $750 million, increased from $600 million
|
| Maturity: | June 1, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Barclays, MUFG and TD Securities (USA) LLC
|
| Co-managers: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Siebert Williams Shank & Co. LLC and Standard Chartered Bank
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 497 bps
|
| Call protection: | Three years
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Drive-by
|
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